KongaPay
KongaPay is a CBN-licensed Nigerian mobile money operator and fintech subsidiary of Konga Group, offering consumer wallets, payment gateway, POS, virtual accounts, savings, and bulk payouts to individuals, SMBs, and informal businesses across Nigeria.
- Company typePrivate
- Founded2014
- HeadquartersLagos, Nigeria
- Headcount—
- GTM typeB2B and B2C
- OfferingSoftware
What KongaPay does
KongaPay Technologies Limited is a CBN-licensed mobile money operator headquartered in Lagos, Nigeria, operating as the fintech subsidiary of Konga Group. The company runs a mobile-first platform that serves individual consumers with a wallet for bank-to-bank transfers (settled via NIP/NPS through NIBSS), high-yield savings via K-Save (16-20% p.a.), bill payments, and loyalty rewards, while serving SMBs and informal businesses with a payment gateway, POS terminals, virtual accounts, bulk payouts, multi-currency accounts, and integrated inventory management. Identity verification combines BVN checks with Apple TrueDepth and SmiledID-based biometric liveness detection, and the platform is certified to PCI DSS, ISO 27001, ISO 20000, and ISO 22301 standards.
The underlying technology is an API-first, multi-tier architecture: consumer and merchant front-ends (iOS/Android apps, web portal, business portal) sit atop a virtual account infrastructure that issues nonstatic, static, and static-flex accounts, reconciles inflows via webhook callbacks, and exposes a documented REST API (Virtual Account API) with separate staging and production environments. The product is distributed through self-serve onboarding, the Konga marketplace integration, and KongaPay Agency agent banking, with go-to-market split between product-led growth (consumer and SMB) and inside sales/API (enterprise integrators).
KongaPay generates revenue primarily from transaction fees on merchant payments (1.5% capped at ₦2,000), per-transaction charges on bulk payouts (₦50), interest-rate spreads on K-Save deposits, float economics from the loyalty-rewards wallet pool, and commissions from bill payments and digital goods. Pricing is tiered across KongaPay Lite, Classic, and Premium consumer accounts (with daily limits up to ₦1,000,000 for Premium) and is pay-as-you-go for merchants, with no disclosed setup or maintenance fees. The company operates exclusively in Nigeria within the West Africa region.
KongaPay firmographics
Firmographics- Name
- KongaPay
- Legal name
- KongaPay Technologies Limited
- Website
- https://kongapay.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Short description
- KongaPay is a CBN-licensed Nigerian mobile money operator and fintech subsidiary of Konga Group, offering consumer wallets, payment gateway, POS, virtual accounts, savings, and bulk payouts to individuals, SMBs, and informal businesses across Nigeria.
- Ownership category
- akta.pro rank
KongaPay industry classification
Industry- Product category
- Mobile Payments / Digital Banking
- NAICS
- Credit Card Issuing (522210)
- SIC
- Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- General-Purpose Digital Wallets (P2P + Merchant) (FSAMAEAA)
- akta.pro secondary industry
- Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF)
Keywords
Where KongaPay is headquartered
LocationHeadquarters
- HQ city
- Lagos
- HQ country
- Nigeria
- HQ region
- Africa
Offices2 records
Markets served
KongaPay business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Payment Processing Fees: Transaction fees charged to merchants for receiving payments. Standard rate is 1.5% capped at ₦2,000 per transaction. This is the primary revenue stream for the business segment.
- Bulk Payout Services: Charges for bulk payments to staff and vendors. Priced at ₦50 per transaction. Enables businesses to efficiently manage payroll and vendor payments.
- Digital Goods Commission: 1% cash back commission on digital goods transactions. Commission is returned to merchants as incentive for digital product sales.
- Savings Interest Spread: K-Save savings product offers 16-20% per annum interest rates. The spread between cost of funds and lending rates contributes to revenue.
- Loyalty Rewards Funding: Earn up to 6% per annum on wallet balances for maintaining minimum ₦50,000. Revenue may be generated through float management and transaction fees on the platform.
- Bill Payment Services: Services for paying electricity bills, internet data, TV subscriptions, airtime, and other bills. Revenue generated through transaction fees or commissions from service providers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | KongaPay Lite - Entry level with lowest transaction limits |
| Transaction based/ take rate | Pay-as-you-go | KongaPay Classic - Mid-tier transaction limits |
| Transaction based/ take rate | Pay-as-you-go | KongaPay Premium - Highest transaction limits for power users |
| Unit Pricing | Monthly | K-Save Savings - Interest-bearing savings product |
| Transaction based/ take rate | Pay-as-you-go | Merchant Payment Processing |
| Unit Pricing | Pay-as-you-go | Bulk Payout Service |
| Other | Pay-as-you-go | Digital Goods Commission |
| Subscription | Monthly | Loyalty Rewards |
Go-to-market motion2 records
Distribution channels6 records
Marketing channels5 records
KongaPay product offering
Product offeringCore offering
KongaPay is a CBN-licensed Nigerian mobile payment platform that operates a digital wallet for individuals and a payment gateway plus POS and virtual-account infrastructure for businesses. Its offering spans money transfers, savings (K-Save), bill payments, loyalty rewards, merchant POS, payment links, bulk payouts, multi-currency accounts, and a developer-facing Virtual Account API, all unified through shared wallet infrastructure and the Konga e-commerce ecosystem.
Product overview
KongaPay is a full-scale financial operating system built around its core Mobile Wallet, which serves as the primary platform for individuals to send money, save via K-Save, pay bills, and earn loyalty rewards. For businesses, KongaPay offers a Payment Gateway integrated with POS Solutions, Inventory Management, Virtual Accounts (with a dedicated Virtual Account API for developers), and Bulk Transfer capabilities. The ecosystem is unified through shared infrastructure including Maker-Checker Controls for security, Multi-Currency Accounts for borderless operations, and Payment Links for social commerce. KongaPay operates under a CBN Mobile Money License acquired via Zinternet, serving as both a consumer wallet and enterprise fintech platform.
Differentiator
Problem solved
Functional benefit
Products and services
- KongaPay Mobile Wallet
- Payment Gateway
- POS Solutions
- Single & Bulk Transfers
- Multi-Currency Accounts
- Virtual Accounts
- K-Save Savings Plan
- Loyalty Rewards Program
- Payment Links
- Bill Payments
- Virtual Account API
- KongaPay Agency
Quantifiable outcome
- Transfer money in 5 seconds to any Nigerian bank
- +3 more outcomes
Companies that use KongaPay
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles3 records
KongaPay technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature8 records
KongaPay partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered major, core and supporting.
- YudalamajorKonga merged with Yudala in 2018, another major Nigerian retail player. This merger combined two major e-commerce and retail operations, with Yudala Heights on Victoria Island becoming KongaPay's headquarters location.
- ZinternetcoreAcquired by Konga in 2014, Zinternet was a CBN-licensed Mobile Money Operator. This acquisition laid the foundation for KongaPay and provided the regulatory license to operate mobile money services in Nigeria.
- Nigerian Interbank Settlement Scheme (NIBSS)coreKongaPay integrates with NIBSS through NIP (NIBSS Instant Payment) and NPS platforms for interbank fund transfers. All virtual account inflows are processed through this national payment infrastructure.
- Apple (TrueDepth API)supportingIntegration with Apple TrueDepth API for facial recognition during identity verification. Uses SmiledID technology for 3D facial feature capture to prevent fraud during KYC verification.
- Nigerian BankscorePartnership with Nigerian banks for fund transfers, BVN verification, and settlement services. KongaPay enables transfers to any bank account in Nigeria and verifies customer BVN with partner banks.
- Konga GroupcoreKongaPay operates as the fintech subsidiary of Konga Group. The platform originated from Konga's e-commerce escrow needs and continues to serve as the payment solution for Konga's marketplace.
Scale indicators4 records
Recent moves9 records
Expansion highlights5 records
KongaPay competitors and assessment
Company assessmentDirect peers
- Flutterwave: Pan-African payment gateway and APIs for businesses to accept and disburse payments. Competes with KongaPay's Payment Gateway, Virtual Accounts API, and bulk payout products.
- Paga: Long-standing Nigerian mobile money operator offering consumer wallets, agent banking, bill pay, and merchant services. Directly comparable to KongaPay's MMO license and product mix.
- Moniepoint: Nigeria-focused POS and merchant acquiring platform serving SMBs and informal merchants. Directly competes with KongaPay's POS terminal and payment gateway offerings for merchant wallet share.
- Paystack: Nigerian payment gateway (acquired by Stripe) serving online merchants and developers. Closely comparable product to KongaPay's Payment Gateway and developer API platform.
- Piggyvest: Nigerian consumer savings and investment platform offering high-yield savings plans. Most directly comparable to KongaPay's K-Save product and target consumer segment.
- OPay: Nigerian mobile money operator and super-app offering consumer wallet, POS, bill payments, savings, and merchant acquiring. Competes head-on with KongaPay in Nigeria's mobile wallet and agent banking segments.
- Kuda Bank: Nigerian digital-only bank licensed by the CBN offering mobile-first checking, savings, and transfers. Competes with KongaPay's consumer wallet and tiered account model.
Emerging players
- FairMoney: Nigeria-based digital bank offering consumer loans, payments, and savings via mobile app. Competes with KongaPay for Nigerian mobile-first consumer financial services.
- Carbon: Nigerian digital lender and financial services platform offering consumer credit, savings, and bill payments. Competes with KongaPay on consumer finance and payments in Nigeria.
Broad incumbents
- Interswitch: Largest incumbent Nigerian payments processor operating Verve card, Quickteller bill pay, and core national payment infrastructure. Overlaps with KongaPay across cards, bill pay, and merchant acquiring.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
KongaPay social profiles
Digital presenceKongaPay compliance and trust
Trust signalCompliance7 records
KongaPay financial estimates
Financial estimateRevenue estimate
Valuation estimate
KongaPay leadership team
Management profileNumber of profiles
Profiles11 records
KongaPay subsidiaries and ownership
Company hierarchySubsidiaries1 record
KongaPay funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
KongaPay M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about KongaPay
What does KongaPay do?
KongaPay is a CBN-licensed Nigerian mobile payment platform that operates a digital wallet for individuals and a payment gateway plus POS and virtual-account infrastructure for businesses. Its offering spans money transfers, savings (K-Save), bill payments, loyalty rewards, merchant POS, payment links, bulk payouts, multi-currency accounts, and a developer-facing Virtual Account API, all unified through shared wallet infrastructure and the Konga e-commerce ecosystem.
Is KongaPay a public or private company?
KongaPay is a private company. It is classified as corporate owned and is currently operating.
When was KongaPay founded?
KongaPay was founded in 2014.
Where is KongaPay based?
KongaPay is headquartered in Lagos, Nigeria, in the Africa region.
How does KongaPay make money?
Six revenue lines are on record. Payment Processing Fees are the primary driver. The others are bulk Payout Services, digital Goods Commission, savings Interest Spread, loyalty Rewards Funding and bill Payment Services.
Who are KongaPay's main competitors?
Direct peers on record are Flutterwave, Paga, Moniepoint, Paystack, Piggyvest, OPay and Kuda Bank. Emerging players are FairMoney and Carbon. Interswitch is listed as a broad incumbent.
Does KongaPay have an API?
Yes. KongaPay offers a Virtual Account API for businesses to create and manage virtual bank accounts for payment collection and reconciliation. The API supports three account types: nonstatic (one-time, fixed amount, auto-expiry), static (permanent, fixed amount), and static-flex (permanent, accepts any amount). Available endpoints include: POST /virtual/new-account for account creation, GET /virtual/status for payment status queries, PATCH /virtual/cancel for account cancellation, and GET /virtual/transactions for transaction listing. Authentication uses secretKey in headers. Supports webhook callbacks for real-time payment notifications. Operates separate Staging (https://staging-api.kongapay.com) and Production (https://api.kongapay.com) environments with dedicated API keys. Documentation available at https://www.kongapay.com/developers/virtual-account/overview Developer documentation is at www.kongapay.com/developers/virtual-account/overview.
What industry is KongaPay in?
KongaPay's product category is Mobile Payments / Digital Banking. Its primary akta.pro industry code is FSAMAEAA, General-Purpose Digital Wallets (P2P + Merchant), with a secondary code of FSAGAAAF, Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P). Its NAICS code is 522210 and its SIC code is 6159.